Reinsurance News
CrowdStrike event may impact product lines beyond cyber insurance: Guy Carpenter
22nd July 2024
Experts at the reinsurance broking arm of Marsh McLennan (MMC), Guy Carpenter, have said that while business interruption losses will be in scope for re/insurers, the magnitude of last week's global IT outage suggests that lines of insurance beyond cyber risk might also be impacted. After a software update for CrowdStrike's ... Read the full article
Rising medical costs and state competition challenges stability in US WC insurance: Swiss Re
22nd July 2024
Despite a decade of strong profitability, Laure Forgeron, Chief Underwriting Officer for Casualty at Swiss Re, a global reinsurance company, highlights emerging risks such as rising medical costs and intense competition in states like California, urging insurers to adopt disciplined strategies alongside evolving market conditions to sustain long-term financial health. The ... Read the full article
Jesús Barbero named BHSI Head of Surety in Spain
22nd July 2024
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance company, has entered the surety market in Spain. Jesús Barbero is to lead the new product line. Constanza Gállegos, Country Manager, BHSI in Spain, stated: "We are excited to lead BHSI’s entry into the European surety market. “By ... Read the full article
Allianz’s acquisition of Income Insurance unlikely to alter Singapore market, Fitch
22nd July 2024
Global insurer and asset manager Allianz's proposed acquisition of Singapore’s Income Insurance Limited "should not materially change the competitive landscape in Singapore’s insurance market," says Fitch Ratings. If you recall, Allianz Group, through its wholly owned subsidiary Allianz Europe B.V., recently announced its intention to acquire a 51% majority stake ... Read the full article
Aspen Insurance names Tony Bishop Chief Data & Analytics Officer
22nd July 2024
Aspen Insurance has appointed Tony Bishop as Chief Data & Analytics Officer, where he will be responsible for the firm's recently launched Data Labs and Architecture in addition to his current remit overseeing its Data and Analytics strategy. Bishop joined Aspen in 2022 as Head of Data & Analytics, and under ... Read the full article
Groupama issues €150 million Quercus Re DAC Cat bond
22nd July 2024
French mutual re/insurance company Groupama has issued a new Cat bond Aggregate to protect its climatic exposures in France, placed and structured by the Aon Securities team. The €150 million Quercus Re DAC Cat bond came into effect on July 19, its coverage has been designed to run across a ... Read the full article
Mass IT outage to accelerate interest in cat-focused reinsurance: Howden Re
22nd July 2024
While the financial implications of last week's significant IT outage, which was caused by an update to the CrowdStrike Falcon endpoint detection and response (EDR) tool, will take time to be understood, the event is expected to accelerate interest in cat-focused reinsurance programmes, according to Luke Foord-Kelcey, Global Head of ... Read the full article
CCRIF member payouts in Grenada reach $55.6m
22nd July 2024
In addition to the $44 million paid to the Government of Grenada by CCRIF SPC following damage from Hurricane Beryl, payouts to both the Grenada Electricity Services Limited and the National Water and Sewerage Authority under their policies have now been made. According to Isaac Anthony, CCRIF CEO, these payouts ... Read the full article
Global IT outage won’t have lasting impact on rated universe: Morningstar DBRS
22nd July 2024
Despite expecting the July 19 global IT outage to cause widespread disruption across a variety of corporate and financial sectors, including an influx of cyber business interruption claims, Morningstar DBRS does not anticipate a lasting impact on its rated universe. In a recent report, the firm's analysts noted that the outage ... Read the full article
WTW hires Marsh’s Lucy Clarke as President, Risk & Broking
22nd July 2024
WTW, the global insurance and reinsurance broker, has appointed industry veteran Lucy Clarke as president, Risk & Broking. Clarke joins the firm with 25 years of industry experience, which includes previous tenures working in leadership roles at major firms, such as JLT Group and Marsh. Most recently, she served as the president ... Read the full article
AXA XL names Michelle Bailey as Head of Professional, Bermuda
22nd July 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has appointed Michelle Bailey to the new role of Head of Professional, Bermuda. Bailey has more than two decades of industry experience, and will report to Noel Pearman, Chief Underwriting Officer, Bermuda of AXA XL’s Insurance ... Read the full article
US insured losses from a modern-day Carrington Event could reach $433bn, says WTW
22nd July 2024
If a solar storm similar to the "Carrington Event" were to occur today, US insurance industry losses could range anywhere between $71 billion to $433 billion, according to global insurance broker WTW. The Carrington Event, the most powerful solar storm in recorded history, took place on September 1 and 2, 1859. ... Read the full article
Artex completes integration of Bee Insurance Management team
22nd July 2024
Artex, Gallagher's wholly-owned subsidiary for alternative risk and capital, has announced that the team from Malta-based Bee Insurance Management Ltd. has joined Artex EMEA. Bee Insurance has provided clients with a variety of services, including underwriting, claims, accounting, risk management, regulatory compliance, and investment reporting. Simon Camilleri, formerly the managing director of ... Read the full article
AM Best revises Kuwait Re’s outlook to positive
22nd July 2024
AM Best, the global credit rating agency, has revised the outlook to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Kuwait Reinsurance Company K.S.C.P. (Kuwait Re). The rating agency has stated that these ratings reflect Kuwait Re’s ... Read the full article
Falcon strengthens underwriting team with Sterger and Nowlan hire
22nd July 2024
Falcon Risk Services, a managing general agency and HDI Company, has announced the hire of Chris Sterger as Senior Vice President - Southeast Regional Leader and Andrew Nowlan as Vice President, Design & Build. In his new role, based in Atlanta, Sterger will manage the growth of all products across the ... Read the full article
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